Warpaint completes buyout of gift cosmetics maker Retra

The AIM-traded firm initially announced the acquisition on 13 November, for a maximum consideration of £18.2m to be satisfied from the proceeds of a placing and the issue of 1,052,631 consideration shares to certain vendors of Retra.

Retra is a UK colour cosmetics business, the Warpaint board said, with a “significant focus” on the gifting market, primarily for high street retailers and supermarkets including Boots, Superdrug and ASDA.

It owns three major brands - Technic, Body Collection and Man's Stuff - in addition to white label cosmetics produced for several major high street retailers including ASDA and Matalan.

Retra recorded profit before tax of £2.3m on sales of £17.5m in the year to 31 December 2016.

Warpaint said the acquisition was expected to be immediately earnings enhancing before anticipated, but not quantified, synergies.

“This acquisition will provide Warpaint with access to new customers and suppliers, increased numbers of product development personnel and additional exposure to the gifting market, an area of increasing focus for Warpaint,” said joint chief executives Sam Bazini and Eoin Macleod at the time of the initial announcement.

“The acquisition will help to accelerate Warpaint's growth both domestically and internationally.

“We look forward to welcoming the Retra team into Warpaint and combining the businesses to derive new opportunities and synergies.”